Mukuru expands neobank strategy with South African account launch

Mukuru has launched an everyday transaction account in South Africa, extending its services beyond international money transfers. Introduced on 30 September, the Mukuru Account & Card is offered with Bank Zero as the licensed sponsor bank, with Paymentology and Mastercard supporting the service.

The launch allows customers to receive salaries, make domestic payments and use a payment card alongside Mukuru’s existing remittance services. Chief executive Andy Jury described the move as part of the company’s strategy to develop a neobank business around its cross-border transfer customer base.

Mukuru says approximately 500,000 customers already hold its prepaid card in South Africa, giving the new account an established audience as migration proceeds.

From remittances to everyday transactions
The account supports electronic funds transfers and real-time payments to other South African banks. Customers can also make purchases online and in shops, with a monthly spending limit of up to R150,000.

Mukuru says the offering includes lower ATM withdrawal charges and discounts on selected cross-border transfers. Its commercial objective is to become a more regular part of customers’ financial activity, bringing salary receipts, household spending and money sent to relatives into the same service.

The partnership structure is significant: Bank Zero supplies the licensed banking foundation for the South African product.

Existing customers receive new payment details
Alongside the rollout, Mukuru is asking existing cardholders to update the account information used by employers and others who pay them.

Its current guidance states that previous Access Bank payment details will remain operational until 30 November 2026. Customers must provide their new Bank Zero–Mukuru account details before that deadline to avoid incoming transfers being returned.

Existing cards continue to work, so customers do not need a replacement simply because their incoming payment details have changed. The new information is available through Mukuru’s official app, WhatsApp and USSD channels.

Physical access remains part of the model
Registration is available through digital channels and physical service points, including branches and participating partner locations. That approach accommodates customers who continue to use cash alongside electronic payments.

The South African launch follows Mukuru’s introduction of a wallet and card in Botswana, extending its move towards everyday financial services across the region.

Newshub Editorial in Africa – 7 October 2026